Many Canadians don't want to think about Life Insurance or their own mortality. Having the right life insurance protection can make a big difference in your life and the lives of those close to you. It can mean the difference between leaving your estate financially secure and leaving behind debts and an inadequate income.
Over the years, Life Insurance has become much more complex with many different options available. Some life insurance allows funds to your family or estate after death, and income during retirement.
Here's a summary of available products. If any of these interest you, we would love to sit down and discuss.
Our services include:
Term Insurance - provides coverage at a fixed rate of payments for a limited period of time
Whole Life Insurance - in most cases requires premiums to be paid into the policy every year
Universal Life insurance
A particular type of insurance we recommend as an investment vehicle is Participating Life which combines the benefits of insurance with a tax advantaged savings component.
Participating Life Insurance
While the primary purpose of insurance is to replace financial loss, it can also combine permanent life insurance protection with a tax-advantaged savings component. Participating life insurance is flexible permanent life insurance with:
- A core of guarantees for basic coverage — premium, death benefit and cash surrender values
- A tax-advantaged savings component
- The potential for earning policyholder dividends that can be used to purchase additional life insurance or reduce your out-of-pocket premiums (policyholder dividends aren’t guaranteed)
- A choice of riders and benefits that can be added to the basic policy
- Premium flexibility
Policy cash values
The cash value of your policy is comprised of guaranteed cash values, as stated in your policy, plus non-guaranteed cash values. If you surrender your policy, you receive the total cash value less any indebtedness.
Term life insurance is well-suited to high, short-term protection needs for a low initial cost.
Term life insurance coverage can do a good job of meeting immediate needs and may provide the opportunity to move or convert to permanent life insurance without providing proof of health.
Term plans may also be renewable after 5, 10 or 20 years without providing proof of health.
Term Insurance is:
- Affordable life insurance coverage
- Premiums guaranteed to remain the same for 10 or 20 years depending on your needs
- Guaranteed premiums for each renewal period (at the time of issue)
- No medical evidence required at renewal period (medical evidence may be required if coverage amount increases)
- Ability to convert to a permanent life insurance policy
- Your personal health and lifestyle determines the premium for your insurance coverage—we reward you for a healthy lifestyle
Term Insurance Usages
- Create an estate for your heirs
- Pay off your mortgage
- Pay taxes owing on your estate
- Pay off business loans and lines of credit
- Pay off personal loans
- Fund buy-sell agreements